Long before the digital age transformed the way we raise money, crowdfunding was already quietly shaping the world. While it may seem like a modern invention, the idea of pooling small contributions from many people to fund a big project has deep historical roots. In fact, examples go back to the 19th century, when ordinary citizens helped finance major monuments like the Statue of Liberty and the Sagrada Família. But it wasn’t until the rise of the internet that crowdfunding truly evolved, taking on a whole new scale. Now, with just a few clicks, a project can attract support from hundreds of backers around the world, breaking down both geographic and financial barriers. This digital shift gave birth to what some call the “contribution economy,” where innovation, entrepreneurship, and solidarity all converge.
To support the growth of this new funding model, Morocco has established a legal framework specifically for crowdfunding through Law 15-18. This legislation regulates all forms of participatory financing—whether donations, loans, or equity investments. It lays out strict requirements for crowdfunding platforms, which must be licensed by either the Moroccan Capital Market Authority or Bank Al-Maghrib, depending on the type of activity. These platforms are obligated to maintain transparency, thoroughly vet the projects they host, keep contributors informed, and manage funds responsibly.
Crowdfunding generally falls into three main categories, each with its own logic and purpose. Donation-based crowdfunding is geared toward causes with a social, cultural, or environmental mission. Contributors don’t expect anything in return—just the satisfaction of supporting a cause they believe in. Loan-based crowdfunding allows individuals to lend money directly to project creators, often to meet short- or medium-term needs. These loans may or may not come with interest. Equity crowdfunding, on the other hand, turns contributors into investors. They acquire a stake in a company with the hope of future returns. Each model comes with its own rules and limits. For example, equity crowdfunding campaigns can raise up to five million dirhams under current Moroccan regulations.
The crowdfunding process is based on a triangular relationship: a project creator in need of funding, a platform that facilitates the connection, and a contributor who decides to back the idea. Morocco’s regulatory guide outlines the roles and responsibilities of each party—from the initial project selection to the follow-up after funds are raised. One key aspect is transparency: contributors must be made fully aware of the risks involved, understand the terms of the funding they’re participating in, and accept that they could lose some or all of their investment.
For those considering crowdfunding—whether as a project creator or a contributor—the opportunities can be exciting, but the risks are very real. It’s essential to carefully evaluate the platform, scrutinize individual projects, spread out investments across different opportunities, and only commit money you can afford to lose. The regulatory guide also highlights the primary risks, such as project failure, lack of returns, limited liquidity of shares, or insufficient information. To safeguard the public, there are limits on how much individuals can contribute—though these restrictions don’t apply to experienced investors, often referred to as “angel investors.”
